Spirit Mergers and Acquisitions Presentation Deck

($/share) $100 $80 $60 $40 $20 $0 Opportunistic Cash Offer Near Spirit's All Time Low JetBlue's Illusory Offer: $30 May-12 May-13 Source: FactSet. 1. Market Data as of May 20, 2022. May-14 Vochtigen Spirit Share Price Over Last 10 Years(¹) May-15 • Spirit's stock hasn't traded below JetBlue's offer at any point during the five years preceding COVID • JetBlue's offer is even below Spirit's high trading price during the depths of COVID • JetBlue's offer caps value for Spirit shareholders at $30 / share for up to 18 to 24 months (until closing), removing upside from post-COVID rebound and Frontier merger May-16 May-17 May-18 May-19 May-20 May-21 жазу May-22 JetBlue's Misleading Math 11

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